Posts Tagged ‘advisor’
Small Businesses Suffer with SBA Out of Funds
Summary of Keywords PPP funding exhaustion: On April 16, the U.S. Small Business Administration announced that the $349 billion Paycheck Protection Program (PPP) funds authorized under the CARES Act were fully exhausted, halting acceptance of new applications after just 14 days. Application timing challenges: Several major banks, including Capital One and Wells Fargo, opened application…
Read MoreCARES Act – Tax Savings and Business Opportunities
Summary of Keypoints Employer payroll tax deferral: The CARES Act allows businesses to defer the employer portion of Social Security payroll taxes (6.2%) on wages paid from March 27–December 31, 2020, with repayment split between December 31, 2021 and December 31, 2022; the deferral is unavailable if PPP loan forgiveness is taken. Employee retention credit:…
Read MoreIRS Extends More Tax Deadlines
Summary of Keypoints Deadline relief announcement: The IRS extended all federal tax filing and payment deadlines falling between April 1, 2020 and July 15, 2020 to July 15, 2020 for all taxpayers. Estimated tax payments included: Quarterly estimated tax payments, including those normally due on June 15, 2020, may be paid by July 15 without…
Read MoreCapital One still not accepting applications for the Paycheck Protection Program
Summary of Keypoints Capital One status: Capital One was not accepting Paycheck Protection Program (PPP) applications while many other banks had launched online application portals. Impact on customers: Businesses banking with Capital One were forced to seek alternative lenders to submit PPP applications. Alternative lenders listed: Forbes published a list of banks and fintech companies…
Read MoreGoogle Tells us Who is Moving Around
Summary of Keypoints Source of insights: Google’s COVID-19 Mobility Reports provide location-based data showing how movement patterns changed across communities during the pandemic. Behavioral trends: The data indicates that people are moving around less and staying home more, reflecting responses to stay-at-home and shelter-in-place orders, though compliance varies. Workplace reality: The report highlights that working…
Read MoreBREAKING UPDATE – Paycheck Protection Act: Where to find a loan, and how much am I eligible to receive?
Summary of Keypoints Purpose of update: The article addresses common questions from small business owners about the Paycheck Protection Program (PPP), including how to calculate eligible loan amounts and where to apply as guidance continues to evolve. Payroll calculation guidance: The American Institute of Advisors (AIaccountant) advised that average monthly payroll costs for PPP applications…
Read MoreStep by Step Guidance and Application Forms – A Small Business Owner’s Guide to the CARES Act
Summary of Keypoints Primary resource provided: The post directs readers to a U.S. Chamber of Commerce CARES Act step-by-step guide for detailed instructions on how small business owners can access federal assistance. PPP application support materials: It includes downloadable documents to help business owners understand and complete the Paycheck Protection Program (PPP) process. Included PPP…
Read MoreInterest on all student loans held by the Federal Government Waived due to COVID-19
Summary of Keypoints Relief measure announced: Interest on all student loans held by the Federal Government was waived due to COVID-19, providing temporary financial relief to borrowers. Eligibility confirmation: Borrowers are instructed to contact their loan servicer online or by phone to confirm whether their loans qualify for the interest waiver. Finding your loan servicer:…
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
Summary of Keypoints Purpose of resource: The post highlights financial relief efforts launched in response to COVID-19 by federal, state, local governments, and private organizations to support small businesses. Compiled by Gusto: Gusto created a comprehensive, centralized list of available loans, grants, and financial support programs. Scope of assistance: The resource includes both public and…
Read MoreCOVID-19 Poster – Required Distribution by April 1 for all Businesses
Summary of Keypoints Mandatory requirement: The U.S. Department of Labor released a required employee rights poster related to the Families First Coronavirus Response Act (FFCRA). Distribution deadline: All businesses were required to post or distribute the poster by April 1. Acceptable distribution methods: Employers may satisfy the requirement by physically posting the notice or distributing…
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